MAG Silver Corp. is a Canadian exploration and development company focused on becoming a top-tier primary silver mining company, by exploring and advancing high-grade, district scale, silver-dominant projects in the Americas. Our principal focus and asset is the Juanicipio Property (44%), being developed in partnership with Fresnillo Plc (56%) and is located in the Fresnillo Silver Trend in Mexico, the world's premier silver mining camp. We are presently developing the underground infrastructure on the property, with the operational expertise of our joint venture partner, Fresnillo plc, to support a 4,000 tonnes per day mining operation. As well, we have an expanded exploration program in place investigating other highly prospective targets across the property. In addition, we continue to work on regaining surface access to our 100% owned Cinco de Mayo property in Mexico while we seek other high grade, district scale opportunities.

Expert Comments:

Bhakti Pavani, Alliance Global Partners

(5/22/19)

"MAG Silver Corp. noted that over 19 km (or 11.8 miles) of underground development at Juanicipio has been completed. . .regarding the production timeline, the project is still expected to enter production
in H2/20 (or late 2020), subject to final detail engineering, according to the company."

Gwen Preston, Maven Metals

"MAG Silver Corp. remains my pick for leverage to silver when it rises. Juanicipio is a phenomenal deposit; I have strong confidence the company will continue finding more silver there."

Bhakti Pavani, Alliance Global Partners

(4/17/19)

"Construction at MAG Silver Corp.'s Juanicipio is expected to commence immediately and is scheduled for completion in late 2020, contingent upon finalizing detailed engineering and securing remaining permits, according to the company. Furthermore, MAG noted that over 18.5 km (11.5 miles) of total underground development at Juanicipio have now been completed."

Michael Gray, Macquarie Capital Markets

(4/12/19)

"With Juanicipio now officially being constructed, we would be adding to or establishing a position in MAG Silver Corp. for exposure to a best-of-breed asset, less than 18 months from production as operated by one of the leading underground miners in the world, Fresnillo. We reiterate our Outperform recommendation, CA$23 target and Top Pick status."

Heiko Ihle, H.C. Wainwright & Co.

(4/12/19)

"MAG Silver Corp. and its joint venture partner Fresnillo announced approval of the Juanicipio project. . .having the release published by both firms we think displays meaningful harmony between the two parties. . .we continue to view this partnership between the two firms as symbiotic and constructive as we near the targeted late-2020 production date."

Tyron Breytenbach, Cormark Securities

(4/12/19)

"In the first ever joint press release, MAG (44% ownership) and joint venture partner Fresnillo announced their construction approval for the Juanicipio project. Construction is set to begin immediately, with completion of the project expected by H2/20. . .no equity is required to reach production."

More Expert Comments

Kevin MacKenzie, Canaccord Genuity

(4/11/19)

"The MAG Silver Corp. and Fresnillo joint press release outlines an average annual production profile for Juanicipio of 11.7 Moz silver and 43.5 Koz gold over 12 years. . .we expect that future underground infill drilling, completed once in production, will provide the basis for an extended mine life. Beyond this, our outlook is for a substantially larger project, with consideration for both a throughput ramp-up to 8 Ktpd (from 4 Ktpd) and exploration upside."

Trevor Turnbull, Scotiabank

(4/11/19)

"In a joint press release, MAG Silver Corp. and Fresnillo report that construction is beginning immediately at Juanicipio for completion in late 2020. . .today's news formally derisks the project and adds confidence to the timeline to production as one of the lowest cost silver operations in the world."

Daniel Earle, TD Securities

(4/11/19)

"MAG Silver Corp. and Fresnillo confirmed that their Juanicipio joint venture (44% MAG, 56% Fresnillo) has received board approval. . .first production is anticipated in H2/20. . .on a 100% basis, Juanicipio is expected to produce on average 11.7 Moz silver and 43.5 Koz gold per year."

Tara Hassan, Raymond James

(4/11/19)

"Today's news that MAG Silver Corp. and Fresnillo's Juanicipio project has been formally approved by the joint venture is a positive catalyst. . .with the stage now set for full construction at the high-grade silver project to commence and MAG Silver Corp. well funded for its portion of the capital costs, we continue to believe the company is positioned to attract a market rerating as its flagship project transitions to production."

Chris Thompson, PI Financial

(4/11/19)

"The MAG Silver Corp. and Fresnillo joint venture is now anticipating construction completion of Juanicipio in late 2020. . .we anticipate MAG Silver will be fully financed to production, due in part to lower per-meter development expenses seen to date and Fresnillo's ability to leverage economies of scale when negotiating engineering, procurement and construction management and construction contracts."

Ryan Thompson, BMO Capital Markets

(4/11/19)

"We view the MAG Silver Corp. and Fresnillo joint venture approval of Juanicipio as positive. In our view, the approval will likely not surprise many given the large amount of underground development that has already taken place, but it should remove any doubt that may have still been in the market."

Joe Reagor, ROTH Capital Partners

(4/11/19)

"On April 11, 2019, MAG Silver Corp. announced that the boards of Fresnillo and MAG had approved the development of the Juanicipio project. While we believe this was simply a formality at this stage, we also believe the approval will open the door for additional disclosure on the timeline to production in the coming quarters."

Michael Gray, Macquarie Capital Markets

(4/4/19)

"The next step for Juanicipio is for MAG Silver Corp. and Fresnillo's boards to approve a construction decision and formal project development (based on the feasibility study). . .guidance by Fresnillo is for commercial production in H2/20. On exploration, there are five drills on site plus another underground rig expected soon."

Heiko Ihle, H.C. Wainwright & Co.

(4/2/19)

"We highlight that over 18.5 km of underground development at MAG Silver Corp.'s Juanicipio are now completed. . .development is focused on advancing three internal spiral footwall ramps along the full strike length of the Valdecaņas vein system, constructing the underground crushing chamber, advancing the conveyor ramp to the mill site and integrating other underground infrastructure."

Gwen Preston, Maven Metals

(3/26/19)

"Already the veins at MAG Silver Corp.'s Juanicipio carry a phenomenal resource. . .if you are not familiar with deposit grades, this is a fantastic silver deposit. The Bonanza zone averages 550 g/t silver, which is incredibly rich; this mine will be in production in about a year."

Bhakti Pavani, Alliance Global Partners

(3/12/19)

"MAG Silver Corp.'s 48-hole diamond drill program, which was primarily completed to confirm the extension and continuity of the high-grade mineralization in the East and West Valdecaņas vein Deep zones and in the Anticipada vein, has not only validated the extension of mineralization at depths but also discovered a new vein system, 'Pre-Anticipada'. . .the company also announced the discovery of the Venadas vein after the first drill hole VEN-1 cut 3m (drilling width) grading 392 g/t (11.5 oz/t) silver and 5.54 g/t gold."

Heiko Ihle, H.C. Wainwright & Co.

(3/7/19)

"MAG Silver Corp.'s 48-hole diamond drilling program totaling 46,060m at its Juanicipio property confirmed not only continuity of mineralization at depth within the Deep zones but also coincidentally discovered the Pre-Anticipada vein in the hanging wall. . .the Pre-Anticipada vein returned high silver values. We note that given its depth within the hanging wall, management believes the area could eventually represent a secondary mineralization zone at depth."

Michael Gray, Macquarie Capital Markets

(3/6/19)

"The mine infrastructure at MAG Silver Corp.'s Juanicipio is being built for mine life well beyond the preliminary economic assessment case (and likely for an 8 Ktpd operation) this is evidenced by the robust decline design and large land position for the process plant. . .maximum mine output defined at 5 Ktpd from the Bonanza zone equals upside risk to our valuation and potentially costs."

Joe Reagor, ROTH Capital Partners

(3/6/19)

"MAG Silver Corp. announced the discovery of a new vein (Pre-Anticipada). . .we view this as a significant discovery and we believe the company will look to expand on the discovery moving forward. . .the most significant discovery was that of the Venadas vein. . .there remains significant potential to make similar discoveries moving forward."

Ryan Thompson, BMO Capital Markets

(3/5/19)

"MAG Silver Corp.'s 48-hole infill/expansion drill program yields positive results across the Valdecanas Deep zone; drilling has extended and confirmed the continuity at depth of mineralization in the East and West Valdecanas vein Deep zones. We estimate length-weighted grades from this batch of results at 171 g/t Ag, 1.53 g/t Au, 3% Pb, 5.9% Zn and 0.3% Cu over an average 6.9m estimated total width."

Kevin MacKenzie, Canaccord Genuity

(3/5/19)

"MAG Silver released the results of an additional 46,060m of drilling (48 holes) from its 44%-owned Juanicipio project located in Zacatecas, Mexico. The release highlights the results of both definition/extension drilling along known zones of mineralization as well as the discovery of two new veins. . .the results of the release continue to highlight the significant exploration upside associated with the Juanicipio project and future potential to materially expand the project's overall resource base."

Trevor Turnbull, Scotiabank

(3/5/19)

"MAG Silver Corp. reported results from last year's drill program that focused on infilling and expanding the Deep zone resource (outlined in the 2017 preliminary economic assessment). . .the growth of the Deep zone below the already established mine development for the Bonanza zone is a clear source of upside for the Juanicipio joint venture both in terms of scale and value."

Chris Thompson, PI Financial

(3/5/19)

"MAG Silver Corp. reported the discovery of a new vein (Venadas) located within the Juanicipio joint venture ground. We view yesterday's announcement as positive as it confirms the exploration potential offered. . .just as the discovery of mineralization in the deeps revealed another facet of Juanicipio's ability to offer resource growth potential outside of the Bonanza zone, we see the discovery of the Venadas vein as opening the door to similar resource growth and development upside potential."

Tara Hassan, Raymond James

(3/5/19)

"The drill results reported by MAG Silver Corp. from the 2018 exploration program at the Juanicipio project continue to demonstrate the potential within the Juanicipio land package with the discovery of two new mineralized veins. We are particularly encouraged by the discovery of the Venadas which is the first east-oriented vein sitting within the Juanicipio land package, presenting another exploration target."

Gwen Preston, Maven Metals

(1/22/19)

"MAG Silver Corp. didn't make news over the past month; its share price thankfully rallied in December/early January as silver attracted attention by outperforming gold. Its ascent has eased, but that idea, that silver and therefore silver equities often outperform gold at times during a good gold market, is why we own the company."

Kevin MacKenzie, Canaccord Genuity

(12/17/18)

"While construction at MAG Silver Corp.'s Juanicipio is well underway, we expect that the results of the pending project feasibility study and formal construction decision in late 2018/early 2019 will serve as potential near-term derisking/rerating points for the company. With $142M in cash as of Q3/18, it remains well positioned to fund the majority of its portion of the project's initial capex."

Gwen Preston, Maven Metals

(12/16/18)

"The investment thesis for MAG Silver Corp. remains unchanged: The company is partnered with Fresnillo to build a mine at Juanicipio, which is arguably the best untouched silver deposit in the world. . .MAG is a leverage-to-silver play. Silver has underperformed gold this year, but it usually outperforms gold on the upside, so a stronger gold market in 2019 should send silver on a run; I would expect the company to lever that run."

Gwen Preston, Resource Maven

(11/18/18)

"MAG Silver Corp. and Fresnillo reported progress on their shared Juanicipio project in Mexico. With over 32% of underground development complete and three internal ramps in rapid development, the partners will soon be accessing the Valdecanas vein system in full."

Tara Hassan, Raymond James

(11/14/18)

"MAG Silver Corp. confirmed that the Juanicipio joint venture partners are currently reviewing engineering, procurement and construction management contracts for the construction of the process plant and associated surface infrastructure and an operator service agreement that will become effective upon commercial production; Fresnillo has also indicated that it has commenced discussions with suppliers for long lead equipment. We view these developments to be positives as they, along with continued underground development, demonstrate the intent to move forward with construction of the project."

Gwen Preston, Resource Maven

(9/8/18)

"MAG Silver Corp. and partner Fresnillo should release the feasibility study for Juanicipio shortly. . .once that document exists, they can make a formal construction decision. That decision should happen before 2018E. . .what is still not fully baked into MAG's share price is the upside at Juanicipio."

Tara Hassan, Raymond James

(8/15/18)

"MAG Silver Corp.s' Q2/18 financials and management discussion and analysis reaffirmed that development work at the Juanicipio project is continuing in line with our estimates. Progress is being made with regard to key underground infrastructure but also development in areas that are currently defined as Inferred resources in the Deep zone."

Tara Hassan, Raymond James

(7/31/18)

"The feasibility study for MAG Silver Corp.'s Juanicipio project is complete and is currently under review by the Juanicipio technical committee. Once the review is complete, the feasibility study will be sent to the board of MAG and Fresnillo for a joint approval of the construction of the project."

Bhakti Pavani, Euro Pacific Canada

(5/21/18)

"MAG Silver Corp. reported a break even quarter with net income of $192K versus our estimate of a net loss of $1.4M ($0.02). . .the company continues to make significant progress and advance the Juanicipio project to production. . .we reiterate our Buy rating and price target of $17.50."

Joe Reagor, ROTH Capital Partners

(5/18/18)

"MAG Silver Corp. has had a quiet start to 2018. . .however, we note this is rather common for development-stage companies. . .Q1/18 financials showed a lower cash burn rate than we previously anticipated but otherwise were essentially uneventful."

Tara Hassan, Raymond James

(5/16/18)

"MAG Silver Corp. ended Q1/18 with $153M cash on hand, in line with our expectation. Overall the financials and management's discussion and analysis contained no surprises with the company maintaining that it will deliver results of the Juanicipio feasibility study in later Q2/18."

Heiko Ihle, H.C. Wainwright & Co.

(3/28/18)

"The planned 20,000m exploration drill program at MAG Silver Corp.'s Juanicipio continues to progress with four surface drill rigs in addition to one underground drill rig at site. . .we continue to believe that exploration upside potential at the project exists, especially given the potential for extension of known trends into the joint venture property and the general existence of numerous regional target areas that the company has identified."

Bhakti Pavani, Euro Pacific Canada

(3/28/18)

"We believe 2017 ended on a positive note for MAG Silver Corp., as the company not only announced a robust PEA on the Juanicipio project but also stocked up the treasury (by ~$48M) with the completion of a private placement offering. . .at 2017E, MAG had a cash balance of $160M and a debt-free balance sheet."

Tara Hassan, Raymond James

(3/27/18)

"MAG Silver Corp. ended 2017 with a cash position largely in line with expectations. . .the company reported a 2017 ending cash balance of $160M. . .it noted that the feasibility study for the Juanicipio project, required to make the final investment decision with joint venture partner Fresnillo, will be completed in Q2/18."

Tara Hassan, Raymond James

(2/27/18)

"Production at MAG Silver Corp.'s Juanicipio is still on track for mid-2020. . .with the construction decision for Juanicipio expected in the coming months, we believe the company is well positioned to attract a market rerating as it transitions to production."

Tara Hassan, Raymond James

(2/5/18)

"We are resuming coverage of MAG Silver Corp. with a CA$21 target price and an Outperform rating. . .the company's joint venture at the Juanicipio silver project positions it favorably among both precious metal producers and developers given the scale, high-grade nature and potential for further resource additions. With MAG well financed to respond to a production decision after the Q1/18 feasibility study, we believe it is well positioned to attract a market rerating as it transitions to production."

Joe Reagor, ROTH Capital Partners

(11/20/17)

"MAG Silver Corp. announced a $44M private placement of its common stock; subsequently the placement was upsized to $48M. With this financing, we believe the company is nearly fully funded for its share of development costs at Juanicipio."

Philip Ker, PI Financial

(11/9/17)

"MAG Silver Corp. announced its long-awaited, updated PEA for its flagship Juanicipio project. The PEA is quite conservative. . .despite the conservative efforts, the company still reported a robust, after-tax internal rate of return of 44.5%. . .MAG and its joint venture partner (Fresnillo) are well on their way to ramping up construction efforts in 2018."

Bhakti Pavani, Euro Pacific Canada

(11/9/17)

"The new PEA on MAG Silver Corp.'s Juanicipio project is robust. . .the mineral resource estimate, with a cutoff date of Dec. 31, 2016, has increased 64% from 15.2 Mt to 24.95 Mt (includes Measured, Indicated and Inferred resources). . .the financial economics of the project have improved significantly, making the company one of the high-grade, lowest-cost silver explorers in Mexico."

Chris Thompson, Raymond James

(11/8/17)

"MAG Silver Corp. announced results of a revised PEA for its 44%-owned Juanicipio project, generally in line with expectations. The 2017 PEA represents several significant improvements over the previous study (the 2014 PEA), driven primarily by a significant increase in estimated resource, justification for a 50% larger project scope. . .we anticipate a positive construction decision."

Joe Reagor, ROTH Capital Partners

(11/7/17)

"MAG Silver Corp. announced a new PEA for its Juanicipio project in Mexico. The new PEA includes an increased throughput rate in the Valdecaņas Deep zone. . .overall, we view the PEA as positive as it demonstrated an internal rate of return of 64.5% and an NPV of $1.86B (100% basis)."

Andrew Kaip, BMO Capital Markets

(11/7/17)

"MAG Silver Corp. released the results of an independent PEA for its 44%-owned Juanicipio project; as expected, the study envisions the expansion of the mine to 4 Ktpd versus 2.7 Ktpd outlined in the 2014 PEA. We expect shares will react positively as the new study provides an updated foundation for the scope of the project and underscores Juanicipio's robust economics."

Joe Reagor, ROTH Capital Partners

(8/21/17)

"On Aug. 16, 2017, we met with MAG Silver Corp. management . . .we came away impressed with the significant upside potential for production at Juanicipio. . .as a result of the significant production and exploration upside we see in the company, we are increasing our price target from $19 to 22. Additionally, we believe the rest of 2017 could have significant catalysts that lead to revisions in our modeling to the positive side and as such, we are reiterating our Buy rating."

Bhakti Pavani, Euro Pacific Capital

(8/16/17)

"Permitting for the upgraded design at MAG Silver Corp.'s Juanicipio has already been commenced, and the new resource estimate and the design upgrades are expected to be incorporated into a revised mine plan and new company technical report, which is expected to be released sometime in Q3/17. . .a 20,000m drilling program has commenced in July 2017, the results of which are expected to be announced over the next few months."

Chris Thompson, Raymond James

(8/15/17)

"First production at MAG Silver Corp.'s Juanicipio is anticipated in early 2019E, contingent on a positive investment decision from Fresnillo, which is anticipated in Q2-Q3/17. Recent exploration success supports an expanded production scenario larger than originally envisaged, which, with significant additional exploration upside offered by the company's prospective joint venture ground, offers potential to catalyze share price performance in 2017."

Gwen Preston, Resource Maven

(8/9/17)

"On MAG Silver Ltd.'s Juanicipio mine, joint venture partner Fresnillo revealed that it is now planning to complete an official feasibility study for the expanded version of the project. . .by the end of the year the feasibility study will reveal exactly what Fresnillo is planning, and that document will revalue MAG, as the company will then own 44% of a much more valuable developing asset."

Heiko Ihle, Rodman & Renshaw

(8/2/17)

"On Juanicipio, MAG's joint venture project, partner Fresnillo now wants to commission a feasibility study (FS). . .study at the project should allow both companies to further analyze the recent changes to the ore body and to determine the best way to provide value to shareholders. . .the FS is expected to be finished by December."

Michael Gray, Macquarie Capital Markets

(8/1/17)

"On MAG's Juanicipio project, joint venture partner Fresnillo indicated it would complete a full independent feasibility study by 2017E and that commissioning would be in 2020. . .we continue to conservatively model just 4 Ktpd production (~11 Moz/year Ag life of mine, 100% basis). . .we reiterate our Outperform."

Gwen Preston, Resource Maven

(7/26/17)

"I see the technical study for Juanicipio as likely acting as a positive catalyst for MAG Silver Corp.; on top of that, the company offers good leverage to silver prices. If gold and silver go on their usual August-September run, MAG will benefit; it's a Buy at these levels."

Heiko Ihle, Rodman & Renshaw

(7/10/17)

"MAG Silver Corp. continues to advance its Juanicipio project. . .the proposed capacity increase to 4 Ktpd should maximize value at Juanicipio. . .underground development activities have recently accelerated, primarily in order to allow for the expected increase in processing capacity at the project."

Canaccord Genuity Morning Coffee

(7/7/17)

"As for potential near-term catalysts, MAG Silver Corp. expects to release an updated resource estimate for the Juanicipio project in Q3/17. . .the company also expects to release an updated PEA technical report that will look to capture the impact of a materially larger resource base and could also incorporate lower operating costs."

Kevin MacKenzie, Canaccord Genuity

(7/6/17)

"Due to a reallocation of analyst resources, we are transferring coverage of MAG Silver Corp. to Kevin MacKenzie. We continue to view the company as one of the premier investments within the silver developer space. . .we derive a corporate NAV for it of $24.01/share."

Gwen Preston, Resource Maven

(6/21/17)

"MAG Silver Ltd.'s Juanicipio is the highest-grade precious metal deposit in development in the world. . .MAG provides strong leverage to silver, something a subset of metals investors seek because silver often outperforms gold in a bull market. . .there is fundamental upside in the stock in the medium term, as in over the next two years as Juancipio enters production and the partners outline what they plan to do with the Deep zone."

Gwen Preston, Resource Maven

(6/18/17)

"I have spent a fair bit of time looking at MAG Silver Corp. recently and believe the stock is a Buy. . .I think share price weakness stemming from the GDXJ rebalance and general sector weakness following the rate hike is providing a good entry point. . .I'm a buyer of the company at the open tomorrow."

Andrew Kaip, BMO Capital Markets

(5/30/17)

"MAG Silver Corp. is a defensive name despite being a development
company. . .MAG's 44% share of the high-grade Juanicipio project with first ore production expected in 2019E. A potential catalyst for the stock is the resolution on surface access for the greenfield Cinco de
Mayo project, though timing is unknown. . .we forecast a 12-year
mine life with 20 Mozpa silver equivalent at $6.69/oz coproduct
AISC. . .we are upgrading MAG to Outperform (Speculative), taking advantage of recent share price weakness."

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